Advertisement – This article is published on behalf of Premier American Uranium Inc., with which SRC swiss resource capital AG has a paid investor relations consulting agreement. Creator and Publisher: SRC swiss resource capital AG · Author: Marc Ollinger · First published: October 10, 2026, 15:00 p.m. Zurich/Berlin ·
Dear Readers,
Premier American Uranium (WKN: A3ET9P) reports the most substantial uranium interval to date from its 2026 drilling program.
At the Kaycee Project in the Powder River Basin (Wyoming), 80 drill holes totaling approximately 20,000 meters had already been completed as of September 25, 2026. This represents approximately 66% of the planned program of 100,000 feet (approximately 30,500 m). Since the last company update, 30 additional drill holes totaling approximately 7,200 meters have been completed.
Highlights
West Diane: Six out of eight drill holes intersected uranium:
- WD26-012: 3.05 m at 0.064% eU₃O₈, including 1.68 m at 0.076% eU₃O₈ and 0.61 m at 0.092% eU₃O₈. According to CEO Colin Healey, this is the highest-grade interval of the year’s program to date.
- WD26-011: 0.91 m at 0.081%, including 0.30 m at 0.141% eU₃O₈, the highest single grade in this drilling round.
- WD26-013: 1.52 m at 0.063%, including 0.30 m at 0.119% eU₃O₈.
Rustler: Six of 22 newly reported drill holes returned mineralization, including RT26-121 over 0.76 m at 0.063% eU₃O₈ (including 0.15 m at 0.100%) and RT26-116 over 1.07 m at 0.037% eU₃O₈.
To put this into context, it is important to note that the company determines uranium grades through gamma-ray measurements in the borehole.
The grades are that high
0.064% eU₃O₈ may sound like a small amount, but it is a good value for uranium. It’s even better considering that Kaycee is to be developed using in-situ leaching (ISR). This means the uranium is dissolved directly in the sandstone using a solution and extracted — without the need to mine the rock. That’s why, with this process, grades that would be uneconomical for other metals are sufficient. Lost Creek, Ur-Energy’s producing ISR mine in Wyoming, provides a benchmark: According to Ur-Energy, its “measured” resource averages 0.049% eU₃O₈. By comparison, Premier American Uranium (WKN: A3ET9P)’s WD26-012 drill hole is about 30% higher, and WD26-011, at 0.081%, is even about 65% higher than Ur-Energy’s Lost Creek.
In the U.S. uranium industry, the key metric is the product of grade and thickness, or GT for short (grade in % multiplied by thickness in feet). Lost Creek includes uranium in its resource only if it has a GT of 0.20 or higher. WD26-012, at 0.64, is more than three times that threshold. WD26-013 and WD26-011 are also well above this threshold.
Source: SRC calculation based on Premier American Uranium, Table 1; GT threshold according to Ur-Energy (Lost Creek, resource as of March 10, 2026).
For gold investors, we have additionally converted the grades into gold value: At current prices, 1% U₃O₈ corresponds to approximately 14.67 g/t of gold.
Source: SRC calculation; gold $4,190.70/oz (Kitco Spot, October 9, 2026), uranium $89.63/lb U₃O₈ (Cameco Spot, end of month September 30, 2026), 100% recovery.
This brings WD26-012 to approximately 0.94 g/t gold equivalent over 3.05 m, and the peak from WD26-011 to 2.07 g/t gold equivalent over 0.30 m. Grade multiplied by length equals gram-meters: At 2.86 gram-meters of gold equivalent, WD26-012 delivers roughly twice as much as the next-best interval.
Source: SRC calculation based on Premier American Uranium, Table 1; main intervals excluding “within” values.
Important: The gold equivalent is purely a value conversion. Since no rock is mined in ISR, costs and economic viability cannot be equated with those of a gold mine.
eU₃O₈ stands for “equivalent” uranium oxide: The content was calculated from the natural gamma radiation in the borehole, not determined in a laboratory. According to the company, this is a reliable indicator based on comparisons with drill cores. Since all boreholes are vertical and the strata lie flat, the lengths correspond approximately to the true thickness or are even slightly greater.
Why This Matters
According to the company, Kaycee is one of the largest “greenfield” uranium exploration programs in the U.S. The land package recently expanded by about 760 hectares to approximately 12,800 hectares and now connects the Rustler and Stampede claim blocks. Along a trend approximately 58 km long, more than 177 km of roll fronts — that is, crescent-shaped uranium deposits in permeable sandstone — have been identified. According to Premier American Uranium (WKN: A3ET9P), Kaycee is the only project in the Powder River Basin where all three historically productive sandstone formations — Wasatch, Fort Union, and Lance — are mineralized and potentially accessible via ISR.
Source: Premier American Uranium; key 2026 drilling targets at the Kaycee project.
At West Diane, drilling is targeting the upper of two sandstone layers in the Fort Union Formation to intersect a partially delineated paleochannel. At Rustler, gamma data suggest possible superimposed roll fronts in the Wasatch Formation. Drilling there was suspended after 45 holes, while Premier American Uranium (WKN: A3ET9P) secured the adjacent mineral rights.
Source: Premier American Uranium; 2026 drill holes at West Diane.
Our assessment:
Kaycee delivers. With WD26-012, Premier American Uranium (WKN: A3ET9P) has drilled the most promising section of this year’s program to date, and at West Diane, six out of eight drill holes were mineralized. In our view, this strengthens the foundation for the planned infill and extension drilling in the Paleo Channel, while the expanded land package at Rustler creates additional room for maneuver.
The next steps remain exciting:
- Further infill, extension, and confirmation drilling at West Diane
- Followed by a return to Rustler, weather permitting
- About one-third of the 100,000-foot program (approximately 10,500 m) remains to be completed
Good luck and warm regards from Switzerland,
Yours,
Marc Ollinger
Swiss Resource Capital AG
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Disclaimer and Disclosure
Promotional Nature and Conflicts of Interest. This article is paid investor relations communication on behalf of Premier American Uranium Inc. SRC swiss resource capital AG receives compensation under an IR advisory agreement with the issuer. This creates a financial interest in a positive portrayal. The article is not an independent financial analysis.
Holdings. As of the date of publication, neither SRC swiss resource capital AG nor its board members, employees, or the author hold any shares, options, warrants, certificates, other derivatives, or long or short positions in Premier American Uranium Inc. The issuer does not hold a stake of at least 5% in SRC.
Sources and Technical Classification. This report is based on the company announcement dated October 7, 2026, including Table 1 and the figures, as well as the supplementary announcement by Ur-Energy Inc. dated March 10, 2026, regarding the Lost Creek Project resource. SRC has not conducted its own resource estimate, project evaluation, or independent review of the geological and technical data. J.J. Brown, P.G., SME-RM, Vice President of Exploration, is named in the original press release as a Qualified Person under NI 43-101 and has reviewed and approved the technical information in the original press release. This does not constitute a review or approval of this SRC article. The grades (eU₃O₈) were calculated from gamma measurements by Hawkins CBM Logging (Casper, Wyoming); the probe was calibrated in August 2026 at the DOE test pits in Casper. Cut-off: 0.02% eU₃O₈.
Gold equivalent. All gold equivalents (AuEq) and gram-meters are SRC’s own calculations, not figures provided by the company. Formula: AuEq (g/t) = eU₃O₈ (%) × 22.0462 lb/t × uranium price ÷ (gold price ÷ 31.1035 g/oz). Prices: Gold $4,190.70/oz (Kitco Spot, Bid, Oct. 9, 2026, 3:46 a.m. ET), Uranium $89.63/lb U₃O₈ (Cameco spot price as of the end of the month, Sept. 30, 2026). Recovery rate: 100% in each case (gross value in the rock). Equivalents depend solely on the price ratio and change without any geological changes. They do not provide any information about mining costs, recovery rates, or economic viability.
GT and industry comparison. The GT values (grade in % eU₃O₈ × thickness in feet) are SRC’s own calculations based on Table 1 of the filing; the company does not report GT values. The comparative figures for Ur-Energy Inc.’s Lost Creek project (average grade of the “measured” resource 0.049% eU₃O₈; cut-off 0.02% eU₃O₈; minimum GT value 0.20) are taken from their press release dated March 10, 2026 (resource status as of the end of 2025). SRC has not verified this information. The percentage figures for the distance are rounded SRC calculations. The comparison is intended solely to provide a sense of scale: Individual drill intervals are not equivalent to the average grade of a deposit and do not allow for any conclusions regarding the size, grade, or economic viability of a future resource at Kaycee. Lost Creek is a project currently in production with different geological and regulatory requirements. The mention of Ur-Energy does not constitute an evaluation of that company.
Technical risks. eU₃O₈ grades are not chemical analyses; no correction for radioactive imbalance has been made. Drill intervals do not represent continuously mineralized zones. The results do not constitute a mineral resource; it remains to be seen whether they can be converted into a resource. Suitability for in-situ recovery depends, among other factors, on permeability, hydrogeology, and permits, and has not been demonstrated.
Forward-Looking Statements and Risks. Statements regarding further drilling, the extent of mineralization, suitability for ISR, and the progress of the program are forward-looking and based on the Company’s expectations. Actual results may differ materially. Significant risks include varying grades, weather and access restrictions, permitting processes, financing requirements, and dilution, as well as changes in uranium prices and exchange rates. Exploration stocks are subject to high price and liquidity risks. A total loss is possible.
This is not individual investment advice. This article is intended for general informational purposes only and does not take into account personal investment objectives or financial circumstances. It does not contain a price target, a buy or sell recommendation, an offer to purchase or sell financial instruments, or investment, legal, or tax advice.
Liability and Timeliness. SRC strives to provide accurate information. Information may change after the editorial deadline. Mandatory obligations to correct and update information remain unaffected. To the extent permitted by law, liability for breaches of duty due to slight negligence is excluded, except for material contractual obligations. In the event of a breach of such obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. Liability for intentional acts and gross negligence, for damages resulting from injury to life, limb, or health, and any mandatory statutory liability remain unaffected. The respective providers are responsible for external content.
AI Note: AI-assisted tools were used in the creation and linguistic editing of this article. Editorial responsibility lies with SRC swiss resource capital AG. The charts on gold equivalent and GT were calculated by SRC using data from the announcement and information provided by Ur-Energy Inc.; maps and the logo are provided by the issuer. None of the images are AI-generated.
Publisher and Editorial Information. Creator and Publisher: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible Author: Marc Ollinger. Editorial Status: October 9, 2026, 5:00 p.m. Text and diagrams © 2026 SRC swiss resource capital AG. Original graphics: Premier American Uranium Inc. Original press release dated October 7, 2026 · SRC Legal Notice · Additional SRC Legal Information
Image sources. Intro image: stock.adobe.com; “Good News”; by Coloures-Pic.; maps and logo: Premier American Uranium Inc. Charts: SRC swiss resource capital AG.
